Investing with foreknowledge that property values are falling seems like a timing problem or at least a situation where my offer would be reduced to reflect this coming change.As to how much to put in as a down payment that depends more on your numbers, your risk tolerance, ability to get financing, cost of financing, etc. 

I've been interested in REI for a year or so, and am only just now finding out about the BP community and all of the resources it has to offer new investors.

You said they have half the funds though so you are offering 50% leverage or are you offering 50% of the total project cost?

from spending my last 10 weeks in miami looking at 500 land deals and making offers and doing underwriting on deals with construction values higher, the playing field above 10 million is so much easier and better and of more interest and separates all the newbies from sophisticated. at my level there is no reason to do small deals. the only multifamily I do under commercial at this point is a triplex we build over and over for out of state investors in Columbus Ohio which is just a unique little niche. tampa I'm not too familiar with zoning or rezoning but columbus is such an old city it has so many mutilfamily properties and rezoning is very easy to get the entitlements for ground up new construction.

Lenders can have limitations on those without a US SS # but others offer specific lending to 'foreign' nationals.

Hey Kyle,I am definitely familiar with you as I am a frequent listener of most of bigger pockets offerings!

@Jonathan Greene offered great suggestions on saving for your next deal and being careful about partnerships. 

Present an Offer to Lease with your terms and conditions for the applicant to become a tenant (sign lease, pay move-in monies) by a date certain prior to 8/1. 

I did a few and someone turned me in :) and sure enough I got a cease and desist and had to pay a fine and spend 20k creating what State of Oregon  calls a Real Estate paper offering !!.  

3) What if one of the applicants applied very late but offered 200 or 300 dollars more monthly for rent and requested that his application be approved?